Diesel Price In Haryana Today

  • Today's Diesel Price ( 15 Sep 2019 )
    ₹ 62.31
    Current Diesel Price Per Liter
    Compare Diesel Price in Haryana (Today & Yesterday)
    Today
    (15 Sep 2019)
    Yesterday
    (14 Sep 2019)
    Rate Change
    Diesel ( / litre) ₹ 62.31 ₹ 62.25 ₹ 0.06 ↑
    Diesel Price in Haryana - Last 10 Days Data
    Date Diesel ( / litre)
    15 Sep 2019 ₹ 62.31
    14 Sep 2019 ₹ 62.25
    13 Sep 2019 ₹ 62.17
    12 Sep 2019 ₹ 62.08
    11 Sep 2019 ₹ 62.03
    10 Sep 2019 ₹ 62.03
    09 Sep 2019 ₹ 61.98
    08 Sep 2019 ₹ 61.98
    07 Sep 2019 ₹ 61.98
    06 Sep 2019 ₹ 62.03

    Diesel Rate Trend

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    • 6 Months

    Diesel Price In Haryana:

    Haryana, the northern state in India is one of the wealthiest states in the country. Agriculture, manufacturing sector, service industry and retail sector are the major drivers of state’s economy.

    Faridabad, which is a part of the National Capital Region (NCR), is the most populous city in the state, while Gurgaon (officially Gurugram) is the financial and IT hub of NCR, with most Fortune 500 companies. Panchkula and Dharuhera are the places where automobile industries are located in the state.

    Trend of Diesel Price in Haryana for September 2019 (rates per litre)

    Parameters Rates/litre
    1st September Rs.62.11
    7th September Rs.61.98
    Highest Rate in September Rs.62.11
    Lowest Rate in September Rs.61.98
    Overall Performance Decline
    Percentage Change -0.20%

    September - Week 1 (1-7):

    • Diesel price in Haryana opened at Rs.62.11 per litre, unchanged from previous day’s closing price. State-run oil marketing companies decided not to cut prices due to weak demand of the oil.
    • After staying stable for a couple of days, diesel prices were slashed by 2 paise on the 5th of September, recording Rs.62.09 per litre. Diesel dropped further, closing the week at Rs.61.98 per litre. Meanwhile, in the international oil market, crude prices went up after US confirmed that talks with China to reach a trade pact would be held in the coming weeks. If talks are held and issues are resolved, it might help the global economy to surge.
    • Overall performance of diesel in Haryana for the first week of September was -0.20%, trending downwards.

    Trend of Diesel Price in Haryana for August 2019 (rates per litre):

    Parameters Rates/litre
    1st August Rs.62.85
    31st August Rs.62.11
    Highest Rate in August Rs.62.85
    Lowest Rate in August Rs.61.98
    Overall Performance Decline
    Percentage Change -1.17%

    August 2019 – Week 1 (1-7):

    • Diesel price in Haryana opened at Rs.62.85 per litre on 1 August, unchanged from last week’s price. State-run oil marketing companies decided not to change the rates of diesel in spite of weak demand of crude in the international market.
    • price of diesel remained unchanged for the next couple of days before dropping slightly, recording Rs.62.81 per litre— drop of 4 paise per litre. Meanwhile, in the international market, crude prices fell amid worries over weaker demand after the Trump administration said it would impose tariffs on more Chinese imports.
    • Diesel rate in Haryana closed the week unchanged at Rs.62.81 per litre. The overall decline of diesel price in Haryana was -0.06%. In the international oil market, crude price dropped owing to US-China trade tensions

    August 2019 – Week 1 (1-7):

    • Diesel in Haryana opened at Rs.62.71 per litre on the second week of August, recording a 10 paise drop from previous day’s closing price.
    • Diesel dipped further by 13 paise on the next day, standing at Rs.62.58 per litre. The drop was primarily due to the ongoing US-China trade tensions, fuelled further by the Trump administration’s decision to impose more tariffs on Chinese imports.
    • Diesel price in Haryana dropped marginally in the next few days before stabilising at Rs.62.28 per litre. The overall performance of diesel compared to the opening day was -0.90%, trending downwards. Meanwhile, in the international oil market, crude prices dropped due to possible supply cuts amidst looming global economic crisis.

    August 2019 – Week 3 (15-21):

    • Diesel in Haryana opened at Rs.62.28 per litre, unchanged from previous day’s closing price.
    • Diesel slumped further in the next few days, closing the week at Rs.61.98 per litre. The overall performance of diesel in Haryana was -1.38%, trending downwards.
    • The slump was primarily due to the weak demand of the oil. Meanwhile, in the international market, crude gained after US inventories fell.

    August 2019 – Week 4 (22-31):

    • Diesel price in Haryana opened at Rs.61.98 per litre, unchanged from previous day’s closing price. It also happened to be the lowest recorded price for the month of August.
    • Price of diesel in haryana shot up on 26 August, recording Rs.62.20 per litre. Meanwhile, in the international oil market, crude gained after a substantial drop in US inventories.
    • Diesel rate in haryana dropped soon after, closing the month at Rs.62.11 per litre. Overall, the performance of diesel in the month of August was -1.17%, trending downwards.

    Trend of Diesel Price in Haryana for July 2019 (rates per litre):

    Parameters Rates/litre
    1st July Rs.61.21
    28th July Rs.63.03
    Highest Rate in July Rs.63.50 on 7 July
    Lowest Rate in July Rs.61.21 on 1 July
    Overall Performance Incline
    Percentage Change 2.98%

    July 2019 – Week 1 (1-7):

    • Diesel price in Haryana was recorded at Rs.61.21 per litre on 1 July. This was a slight increase compared to previous day’s closing price. The increase was primarily to the revision in petrol and diesel price initiated by major oil marketing companies.
    • Diesel rate in Haryana increased slightly on 2 July, recording at Rs.61.26 per litre. Again, this was due to the revised diesel and petrol rates. The prices didn’t change in the next few days till 6 July.
    • Diesel closed the week at Rs.63.50 per litre in Haryana. This was recorded as the highest price in the first week. The notable surge was due to the Government increasing excise duty by Rs.1 per litre and road and maintenance cess on petrol and diesel by another Rs.1 per litre.

    July 2019 – Week 2 (8-14):

    • Diesel price in Haryana opened at Rs.63.42 per litre, a 0.08 paise per litre drop from the previous day’s closing price. The reason for this slump could be attributed to the ongoing US-China trade tensions, which can have an adverse effect on the global economy.
    • Diesel price further declined on the following day recording a 10 paise drop, standing at Rs.63.32 per litre. Though OPEC has decided to extend supply cuts, the looming global economic slump has prompted the investors to venture into safe-haven investment channels.
    • Diesel rate in Haryana further dropped on the following days, closing at Rs.63.08 per litre on 14 July. Investors were still assessing the ongoing trade war and how much impact it would have on the global economy. The decline percentage considering the opening day diesel price in Bangalore and closing day price was recorded at -0.53%.

    July 2019 – Week 3 (15-21):

    • Diesel price in Haryana recorded stood at Rs.63.08 per litre on 15 July, same price as previous day’s closing price. Initially, the international oil market remained fairly balanced with OPEC and Russia deciding to extend supply cuts. However, on 15 July, crude prices dropped after China recorded its slowest quarterly economic growth in the last 27 years.
    • Diesel rate in Haryana remained stable on the next few days amidst US stockpiles increasing, indicating weak demand. Surprisingly, diesel prices didn’t drop or increase amidst US-China and US-Iran tensions, and resumption of oil supplies from the Gulf of Mexico after the Hurricane Barry fiasco, which prompted US oil producers to cut supplies.
    • Haryana diesel closed the week at Rs.63.08 per litre on 21 July. The price didn’t change throughout the week, though crude oil prices shot up due to ongoing US-Iran tensions. Speculation is rife that global crude prices can increase in the following weeks if the US-Iran issue don’t stabilise or deteriorates further.

    July 2019 – Week 4 (22-28):

    • Diesel opened the week at Rs.63.08 per litre – the highest price recorded during the week – unchanged from the previous day’s price. However, crude oil prices were on the decline after the International Energy Agency (IEA) said that it would act immediately to keep markets stable amid tensions in the Middle East.
    • Prices were cut on 25 July when a litre of diesel in Haryana stood at Rs.63.03 which remained unchanged until end of the week despite a slight gain in crude oil prices after the US reported that its inventories have declined indicating a possible weak demand for crude in the market.
    • Crude oil prices in the international oil market were down amid weak demand and the ongoing supply cuts by the OPEC and its allies. Additionally, the IEA said that its unlikely crude oil prices will rise sharply in the next few weeks attributed by the weak demand and a muted oil market.

    Trend of Diesel Price in Haryana for June 2019 (rates per litre)

    Parameters Rates /litre
    2nd June Rs.62.98 per litre
    30th June Rs.61.11 per litre
    Highest Rate in June Rs.62.98 per litre on 2 June
    Lowest Rate in June Rs.60.72 per litre from 20 – 23 June
    Overall Performance Decline
    Percentage Change -2.97%

    June 2019 – Week 1 (2-8):

    • Diesel price in Haryana was at Rs.62.98 per litre on 2 June, up marginally over the previous day’s price even as crude oil prices declined in the oil market.
    • State-controlled Oil Marketing Companies (OMCs) cut diesel rate in Haryana on 3 June by 38 paise to be priced Rs.62.60 per litre.
    • Prices continued to decline over the course of the week as it ended at Rs.61.78 per litre, down by Rs.1.20 per litre compared to the opening price which came amid the stabilisation of crude prices in the market after plunging by more than 10% in the last four days.

    June 2019 – Week 2 (9-15):

    • OMCs decided to keep the diesel price in Haryana the same as the previous day’s price before reducing it by 48 paise the next day when a litre was sold at Rs.61.30.
    • Prices continued to move downwards over the week even as it closed at Rs.60.86 per litre due to the drop in crude prices in the market.
    • In the international oil market, crude oil prices plummeted due to concerns of the trade war between the US and China as well as due to the supply cuts led by the OPEC and its allies.

    June 2019 – Week 3 (16-23):

    • On 16 June, petrol was priced Rs.60.78 per litre, down by 8 paise as against the previous day’s price and remained unchanged until 19 June.
    • Diesel price in Haryana were further cut on 20 June by 6 paise to be sold at Rs.60.72 per litre, the lowest diesel price recorded during June 2019.
    • Crude oil prices declined amid tensions in the Middle East after Iran shot down a US military drone as well as investors were expecting a cut in interest rate by the US Federal Reserve to boost the global economy.

    June 2019 – Week 4 (24-30):

    • Diesel opened at Rs.60.83 per litre on 24 June, up by 11 paise over the previous day’s rate and was kept unchanged until 26 June.
    • Diesel price in Haryana on 27 June rose by 5 paise to stand at Rs.60.88 a litre and continued to increase over the week before closing at Rs.61.11 per litre on 30 June.
    • Overall, diesel prices in Haryana on June declined by 2.97% attributed by the slump in crude oil prices in the market impacted by the ongoing US-China tariff war and the US sanctions on Iran.

    Diesel Price in Haryana Compared to Other States

    In 2015, the government of Haryana along with other states including Punjab, New Delhi, Haryana, Himachal Pradesh and Chandigarh started implementing uniform tax structure on all goods and services including petroleum products.

    The move, which was introduced to eliminate tax evasion and curb smuggling of goods from one state to another, ensures that VAT on all the goods sold in the aforementioned states is the same. However, with the introduction of GST, the uniform tax structure is no more applicable on all other goods and services except for petroleum products.

    The petroleum products such as petrol and diesel in all the above mentioned five states still come under uniform tax structure. With the tax regime in place, diesel price in the five states will be almost same with a slight variation.

    Comparing with the neighbouring Indian states, Haryana currently offers a litre of diesel for Rs. 59.64 as on 2 October 2017. The highest price is observed in the Telugu state of Andhra Pradesh at Rs. 66.11/Lt, while the lowest is being offered by the state of Mizoram at Rs. 56.63 per litre.

    Also Check: Diesel Price in Chandigarh

    How often Diesel Prices are Revised in Haryana?

    In the state of Haryana, just like in any other India state, diesel prices are updated/revised on a daily basis, unlike the earlier fortnightly revision, which came to an end on 15 June 2017.

    The daily revision of prices, also known as dynamic fuel pricing, came in to effect on 16 June 2017 to bring transparency in the fuel pricing in India.

    With the dynamic fuel pricing in place, even the slightest change in the international crude oil prices will be reflected in the daily updated diesel price in India, thus benefits the end customer who would be enjoying even the slightest benefit in the fuel price.

    In Haryana, diesel prices will be updated every day by 6 a.m. at every petrol pump. The same will be displayed high at the fuel stations. Customers can also view the daily revised diesel prices in the websites of the oil marketing companies including Indian Oil, Hindustan Petroleum, Bharat Petroleum and other private players such as Shell and Essar.

    The companies also make the information about the updated diesel prices available on their respective mobile apps.

    Trend in Diesel Price in Haryana between January and March 2018

    January February March
    Opening date price Rs.58.01 a litre Rs.62.22 a litre Rs.60.47 a litre
    Closing date price Rs.62.13 a litre Rs.60.31 a litre Rs.62.52 a litre
    Highest price Rs.62.13 a litre registered on 31st Rs.62.32 a litre booked on 6th and 7th Rs.62.52 a litre booked on 31st
    Lowest price Rs.58.01 a litre registered on 1st Rs.60.30 a litre booked on 25th Rs.60.47 a litre booked on 1st
    Trend Upward Downward Upward
    %Change +7.10% -3.06% +3.39%
    Diesel Price Trend in Haryana

    Trend in Diesel Price in Haryana in January 2018

    • The fuel was offered at Rs.58.01 a litre as of 1st January by Indian Oil Company in Haryana. Hindustan Petroleum and Bharat Petroleum also retained the same price.
    • On a daily basis, these three Oil Marketing Companies (OMCs) revise the fuel rate based on the variations in the Forex and crude oil markets.
    • In January, the RSP of diesel in Haryana includes the unrefined oil cost, which was Rs.26 per litre; the expenses incurred by the OMCs, which were Rs.10.30 a litre; and the excise duty, which was Rs.15.33 a litre.
    • All the cost elements were retained unaffected except crude oil costs, which were hiked by oil exporting countries in this month.
    • With continually growing unrefined oil costs and a decreasing dollar, the OMCs have stretched the diesel prices in Haryana to their many-year highs.
    • Across all parts of the state, the fuel market breached the highest price at Rs.62.13 a litre on 31st. The lowest price worked out to be Rs.58.01 a litre on 1st for the month.
    • In December, crude oil was priced at $62.29 per barrel and the price accelerated to $67.06 per barrel in January. The USD/INR was also down and hence, the diesel rate in the state was up 7.10%.

    Trend in Diesel Price in Haryana in February 2018

    • Finance Minister advised revising the existing tax framework on 1st. He introduced an additional tax of Rs.7 a litre. Despite a noticeable change, fuel prices were not affected.
    • On 1st, 2nd, 3rd and 4th, diesel was retailed at Rs.62.22 a litre in Haryana. Because of the unstable crude oil and Forex markets, the movement of fuel price was not consistent.
    • For the month, the lowest price fell on 25th and the highest price on 6th. It is uncommon to observe.
    • Unrefined oil was valued at $67.28 per barrel on 2nd, $64.62 per barrel on 7th, $63.63 per barrel on 16th, $62.37 per barrel on 21st , and $63.99 per barrel on 28th.
    • The USD/INR exchange rate closed at Rs.64.29 on 7th, Rs.64.11 on 14th, Rs.64.82 on 21st, and Rs.65.22 on 28th. As a result, fuel prices were down 3.06% in February 2018.

    Trend in Diesel Rate in Haryana in March 2018

    • Like the previous two months, the domestic influencers were not modified in this month. Globally, except the variations in the exchange rate and the crude oil expenses, other elements such as refinery activities and the political trends in crude oil marketing nations were not changed.
    • Production cuts and demand severely impact the crude oil price internationally. As far as this quarter is concerned, the extraction of unrefined oil was constant. The commodity was supplied uninterruptedly.
    • Based on the demand pattern for the commodity, once again, the fuel commenced gaining its value until the end of March. But, the impact of the exchange ratio was nominal.
    • Though we can observe an upward trend in March, the growth rate has been lower compared to January. From 7.10%, the growth rate slid to 3.39% in Haryana.
    • Between January 2018 and March 2018, Bharat Petroleum, Hindustan Petroleum and Indian Oil have declared a growth rate of 7.74%, which was above the expected level.
    • The highest rate for the month of March and the whole quarter was reported to be Rs.62.52 a litre. On the contrary, the lowest rate for the month was Rs.60.47 a litre.

    Factors Affecting Diesel Rate in Haryana

    Diesel pricing is composed of various elements some of which are fluctuating in nature, resulting in varying diesel prices every day.

    The primary component that decides diesel price in Haryana or elsewhere in the country, is the international crude oil price. India being one of the biggest importers of crude oil, purchases crude oil from other countries. The price at which the oil companies buy a barrel of oil from international companies forms the major component of diesel pricing. The higher the price of a barrel of oil, which is equivalent to 159 litres of oil, in international market, the higher the retail selling price of diesel in India.

    As the crude oil is often purchased in US dollars, the Indian rupee to US dollar exchange rate becomes the next important factor that influences the diesel price. If the value of rupee falls against the dollar, companies have to shell out more money to buy the oil, making diesel dearer.

    Other important elements that form more than 50% of the selling price of diesel are the central and state taxes levied on diesel. The governments at both the state and centre level are often criticised for levying higher taxes on the commodities that play a crucial role in the day to day life of every citizen, despite which they continue to charge the same, as taxes are their main revenue generators.

    Cost of freight and transportation, profit margins of dealers and oil companies, other charges such as pollution cess and surcharge on taxes are the other elements involved in diesel pricing. They do make a marginal variation in the price of diesel.

    State Taxes and Diesel Price in Haryana

    As discussed earlier, state and central government taxes form a major chunk in the diesel price. While the central government levies excise duty on diesel, the state government charges value added tax (VAT).

    While the excise duty on diesel remains same across all Indian states, VAT is one thing that changes from state to state as it is decided by the respective state government.

    Currently, the Haryana government charges 16.4% VAT per litre of diesel. After adding cess and surcharge on VAT, the effective tax rate on diesel comes to 17.22%, which is 13.6 points less than the highest tax levied by the Andhra Pradesh government and 5.22 points more than the lowest VAT levied by the Mizoram government.

    The last hike on VAT levied on diesel in Haryana was made in July 2015. It was increased from 12.07% to the current 17.22% per litre.

    Effect of GST on Diesel Price in Haryana

    GST or the goods and services tax, which was introduced in India in July 2017, replaces multiple taxes levied by state and central government at various levels in India. Currently, GST is being levied in four different tax brackets including 0%, 5%, 12%, 18% and 28%.

    While the implementation of GST impacted the prices of most of the commodities in India both positively and negatively, its effect on prices of diesel and other petroleum products, for now is, zero.

    This is because of the exemption that was given for diesel and other petroleum products, which are currently kept outside the purview of GST. Therefore, diesel is still taxed as per the old tax regime, which includes both central and state taxes.

    If diesel is brought under GST, assuming that it is taxed the highest, which is 28%, its price will be still lesser than the current price as the combined state and central taxes on diesel in Haryana are more than 28%. Hence, bringing diesel under GST net would likely to decrease its price in Haryana.

    Diesel Rate versus Petrol Rate in Haryana

    Compared to petrol, diesel is available at a lesser price in Haryana, similar to its neighbouring states. As of 3 October 2017, there is a Rs. 11.43 price variation between petrol and diesel in Haryana, with petrol priced at Rs. 70.82/Lt and diesel at Rs. 59.37/Lt.

    The price variation between petrol and diesel is mainly due to difference in taxes being levied on the two commodities. As diesel is widely used fuel across various sectors in India including transport, manufacturing, agriculture, construction among others, the taxes on the commodity are lesser compared to its counterpart.

    While the central excise duty on a litre of petrol is Rs. 19.48, it is Rs. 15.33/Lt on diesel. Similarly, VAT levied by Haryana government on petrol is 26.25%, while it is 17.22% on diesel.

    Other factors that bring marginal variation in the prices of petrol and diesel in Haryana are the international crude oil price, dealer’s profit margin and other charges such as surcharge and cess.

    Also Check Diesel Price in NearBy Cities of Haryana

    *Disclaimer: BankBazaar makes no guarantee or warranty on the accuracy of the data provided on this page, the prevailing prices are susceptible to change and provided on an as-is basis. We accept no liability for any loss arising from the use of the data contained on this website.

    News About Diesel Price in Haryana

    • Fuel Prices Remained Unchanged for the Third Day in a Row

      State-controlled kept petrol and diesel prices unchanged for the third straight day today across major metro cities of the country. In Delhi, petrol is being sold at Rs.69.93 per litre and diesel is being sold at Rs.63.84 per litre, no revision compared to yesterday's price. It may be noted that prices of petrol and diesel are lower in Delhi compared to other metro cities and some state capitals due to lower taxes. In Kolkata, petrol costs Rs.72.19 per litre while diesel costs Rs.65.76 per litre. Likewise, in Mumbai, petrol is available at Rs.75.63 per litre and diesel is available at Rs.66.93 per litre. In Chennai, petrol costs Rs.72.64 per litre and diesel costs Rs.67.52 per litre. In other metro cities such as Noida and Gurugram, petrol is being retailed at Rs.69.94 and Rs.70.46 per litre, respectively, and diesel costs Rs.63.32 and Rs.63.42 per litre, respectively.

      In India, fuel prices are revised daily under the dynamic fuel pricing mechanism which considers the 15-day average price of global crude oil price and the exchange rate of the rupee over the UD dollar. So far this month, petrol prices have declined by Rs.1.69 per litre while diesel prices have come down by Rs.2.52 per litre. On Wednesday, crude oil prices in the international oil market rose amid renewed expectations for a US-China trade deal as well as due to continued hostilities in the Middle East after oil tankers were attacked last week. International benchmark Brent crude oil futures were up by 34 cents or 0.6% trading at $62.48 per barrel, compared to its previous close.

      21 June 2019

    • Diesel Prices Drop for the Tenth Consecutive Day, Gets Even More Cheaper

      Diesel prices dropped across the nation for the 10th consecutive day and became cheaper by about Rs.0.36 to Rs.0.40 per litre. This is also the lowest fuel price levels recorded since the July of this year, which is now being compounded by falling crude oil prices.

      The benchmark for crude oil, Brent crude had dropped below the $60 per barrel mark and traded at $59.46 per barrel on Friday. In the national capital, diesel was selling at Rs.67.35 per litre as opposed to Rs.67.72 per litre - which is a Rs.0.37 per litre decrease in a day. In Mumbai and Chennai, diesel was selling at Rs.70.50 per litre and Rs.71.12 per litre respectively. In Kolkata, diesel was selling at Rs.69.08 per litre and could go below the Rs.69 per litre mark if prices drop on Monday.

      Several reports have suggested that this is the worst ever month for crude oil sales in the last ten years as crude has dropped by 30% from the high figures recorded during the initial days of October.

      3 December 2018

    • State Bank of India to Offer 5 litres of Petrol for Free

      State Bank of India, the largest lender in India, is offering petrol up to 5 litres upon making payments through its payment mobile application called BHIM SBI Pay at the retail fuel stations. Customers are required to make a transaction worth Rs.100 to avail the offer, which stands valid till 23 November 2018. SBI Pay is a platform for making payments for SBI account holders on the basis of the Unified Payment Interface (UPI) that helps the transfer of funds between two bank accounts. Banks will go live on the UPI platform.

      23 November 2018

    • Frustration Over Rising Fuel Prices Growing in India, most Industries Hit

      The rupee’s value against the dollar is cascading by the day and as one of its byproducts, fuel prices have been on the rise significantly. Ruling party at the centre, BJP has still maintained that the price hikes are due to the rising prices of crude in the global market, which has increased consistently over the last few weeks. Amidst all the turmoil is the outrage from the public, who have been lambasting the government for the lack of action it has taken.

      The Indian aviation industry too is feeling the pinch, and it has already earmarked about 34% of their overall expenses to cover for fuel, while the international average for the same remains at 24%. Some of the major airline companies have already been on the path of losses as they haven’t been able to combat the rise in prices. In a recent news, IndiGo, India’s largest carrier has witnessed 97% loss for the recent quarter, mainly because of fuel expenses.

      Bandhs and protests have done little to deter the government and it is currently working to ramp up the carrying capacity by about 25% to make up for the shortfall.

      12 October 2018

    • Arun Jaitley Says that no Need to Take a Quick Reaction on Unrefined Oil Prices

      Arun Jaitley, Finance Minister, hopes that the present level of petroleum price and the falling Indian rupee shall moderate soon. This rise in petroleum rate is not a permanent marvel because of insincerely deficits and the current geological conditions. While addressing the Cabinet meeting, Finance Minister said that there has not been any straight-line movement of petroleum and over the last two days, there was some moderation. There has been no need for any kind of quick response.

      The minister also said that the government is observing the changes in fuel prices and the falling Indian rupee. These cannot be accredited to the current operation of the economy of India. He further said that fuel prices have increased not because of indigenous forces but because of domestic forces. The USD has gained against some of the major currencies. There have been certain policies of the United States of America, which impacts India as we are net purchasers of crude oil.

      11 September 2018

    • Union Finance Minister Piyush Goyal Claims Present Government has Managed to Bring Down Prices

      Union Finance Minister Piyush Goyal while answering a question during Question Hour in Rajya Sabha has claimed that the present government has been able to bring down inflation and prices of most food items in the country. The minister stated that Inflation based on Consumer Price Index (Combined) for the month of June in 2018 stood at 5% while in the previous months of May and April it was 4.9 and 4.6 percent respectively. He went to add that the government’s astute macro-economic management and price monitoring over the last three years have been helpful in bringing about a significant moderation in overall inflation. He also shed light on the fact that the Consumer Price Index (Combined) has declined to 3.6% in 2017-18 from 4.9% in 2015-16 and 4.5% in 2016-17. Consumer Food Price Index (CFPI) has also declined to 1.8% in 2017-18 from 4.9% in 2015-16 and 4.2% in 2016-17 while food inflation in the month of June was just 2.9%. Goyal maintained that while there was a temporary rise in the prices of certain commodities, inflation had largely remained under control. On the question of economic growth, the minister stated that the economy was expected to show robust growth of over 7% and maintained that it will be the fastest growing large economy.

      14 August 2018

    • Impact of Goods and Services Tax (GST) cut shall be taken care of through increasing expenses, says Subhash Chandra Garg

      The Indian Government is willing to reach its financial deficit mark of 3.3% of GDP, Gross Domestic Product; the next year. Subhash Chandra Garg, who is the secretary of department of economic affairs, said there has been no evidence of extreme mainstream expenses on the financial side. The GST has been reduced on approximately 100 commodities. The impact of a fall in the GST will be taken care of by increasing expenses. For the time being, the central government is observing the movements in crude oil prices.

      As far as the present year is concerned, the government is intending to restraint in financial shortfall at 3.3% of Gross Domestic Product. In the previous year, it was 3.5%. Financial shortfall already touched 69% of the complete-year target of the budget. 69% in the first quarter is not rare. It is not more than the previous day. In the first quarter, the revenues of the government are lower than the expenses.

      8 August 2018

    • Petrol and Diesel Prices Kept Unchanged on Thursday

      Despite the global crude oil price extending its gains for the third consecutive day on Thursday, State-owned oil companies kept petrol and diesel prices unchanged for the second consecutive day. According to data from the country’s leading oil company, Indian Oil petrol is being sold at Rs.76.23 a litre in New Delhi, Rs.79.10 in Kolkata, Rs.83.68 in Mumbai and Rs.79.18 in Chennai. Diesel, on the other hand, is available at Rs.67.79 per litre in New Delhi, while in Kolkata, Mumbai and Chennai it’s being sold at Rs.70.48, Rs.71.97 and Rs.71.59 respectively. Among the metro cities, petrol and diesel prices are cheapest in New Delhi and costliest in Mumbai. Fuel companies fix petrol and diesel prices based on the international crude oil rate and the US dollar’s exchange rate over rupee. Prices are updated on a daily basis to take advantage of either an increase or reduction immediately. Prices are effective from 6 am every day.

      27 July 2018

    Diesel Price In Metro Cities
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